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Internal and external trends: LME copper fell back from its high on Friday, and as of 15:05 Beijing time, the three-month London copper was reported at 5698 US dollars / ton, down 0.
15%
on the day.
The main 1910 contract of Shanghai copper rushed back down, with the highest 46870 yuan / ton and the lowest 46630 yuan / ton during the day, and the closing price was 46690 yuan / ton, up 0.
30% from the closing price of the previous trading day; The trading volume was 126,300 lots, an increase of 28,836 lots per day, and the position was 208,100 lots, a daily decrease of 8,340 lots
.
Market Focus: White House economic advisers said the two sides will call again this week, while saying they look forward to the Chinese economic and trade team going to the United States in September for negotiations
.
At 20:30 Beijing time on Friday, the United States will release personal income and expenditure for July and the PCE index, which is the Fed's preferred measure
of inflation.
Zambia's state-owned utility, Zesco, said in a statement that power supplies to Zambia's copper mines were affected
after the deliberate destruction of a high-voltage line tower on one of the main transmission lines of Africa's second-largest copper producer.
Spot analysis: On August 30, spot 1# electrolytic copper was quoted at 46590-46640 yuan / ton, with an average price of 46615 yuan / ton, up 25 yuan / ton
from the previous trading day.
On the last trading day of August, the market mostly entered a settlement state, and low-priced supplies still attracted some traders to buy; The intraday market is more wait-and-see, a small amount of downstream just demand, the market trading at the end of the month is difficult to launch, although traders have the willingness to receive goods, but the price is difficult to reach the desired level, supply and demand are more likely to fall into a standoff, the characteristics of the end of the month are obvious
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 74,582 tons on Friday, a daily increase of 949 tons; On 29 August, LME copper stocks stood at 336575 tonnes, up 1,875 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 1910 contract are 59526 lots, minus 3295 lots per day, short positions are 77693 lots, daily minus 2069 lots, net short positions are 18167 lots, daily increase of 1226 lots, long and short are reduced, net short increases
.
On August 30, the main force of Shanghai copper 1910 rushed back down
.
China and the United States are discussing the September trade consultations, the market optimism is warming up, while the upstream copper processing fee TC continues to be reduced, copper mine supply is tight worries remain, and the peak season demand is expected to pick up, downstream copper production rises, good for copper prices, but refined copper production remains high, inventories tend to increase, terminal demand has not improved, copper prices upside is limited
.
In terms of spot, the market is more wait-and-see, a small amount of downstream just demand, the market trading at the end of the month is difficult to launch, although traders have the willingness to receive goods, but the price is difficult to reach the desired price, supply and demand are more likely to fall into a standoff, the characteristics of the end of the month are obvious
.
Technically, the daily MACD red column of the Shanghai copper main 1910 contract is growing, and it is expected that the short-term volatility will be strong
.
